Doctor of Philosophy in Finance
Master of Philosophy in Finance
PhD(FINA)
MPhil(FINA)
Both full- and part-time
MPhil
Full-time: 2 years
Part-time: 4 years
PhD
Full-time: 3 years (with a relevant research master’s degree), 4 years (without a relevant research master’s degree)
Part-time: 6 years
MPhil/PhD Programs Coordinator:
Prof Yan JI, Liwei Huang Associate Professor of Business
MPhil program is only available via the Integrated MPhil-PhD program study scheme.
The Master of Philosophy (MPhil) Program is a research-oriented degree that aims to prepare students for a research and teaching career in universities and research institutes. A candidate for an MPhil degree is expected to demonstrate knowledge in the discipline and to synthesize and create new knowledge, making a contribution to the field. Students intending to do a Doctor of Philosophy (PhD) Program in Finance at HKUST should consider entering the MPhil Program to acquire the training necessary for a PhD degree.
The PhD Program follows a strong research-intensive tradition on the North American model. It is designed to enable students to gain a deep knowledge of management in general, to develop a concentration in a specialized field, and to provide opportunities for students to do significant original research in their chosen area. PhD students are offered intensive and targeted research training and exceptional collaboration opportunities with faculty to prepare them for their future careers in teaching and/or research.
On successful completion of the MPhil program, graduates will be able to:
- Demonstrate a sound grasp of the literature in financial economics;
- Apply their specialized knowledge to solve related business problems in an innovative fashion; and
- Have an in depth understanding of contemporary business and organizational issues, within finance.
On successful completion of the PhD program, graduates will be able to:
- Demonstrate a sound grasp of the literature in financial economics;
- Apply their specialized knowledge to solve related business problems in an innovative fashion;
- Have an in depth understanding of contemporary business and organizational issues, within finance; and
- Equipped to perform all aspects of the role of faculty in academia, including pedagogical skills.
The program is offered by the Department of Finance with the following research foci:
Research Foci
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Asset Pricing
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Corporate Finance
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Financial Contracts and Institutions
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Behavioral Finance
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International Financial Markets
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Big Data/ Machine Learning/ AI in Finance
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Financing ESG Improvements
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Sustainability
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Fintech
- Minimum Credit Requirement
MPhil: 40 credits
PhD: 46 credits
- Credit Transfer
PhD students who have taken the HKUST MPhil Program in Finance will be granted credit transfer to the PhD Program. Students who have taken an MPhil program or equivalent in other universities may be granted credit transfer on a case-by-case basis, up to a maximum of 27 credits.
- Introductory Quantitative Requirement
Unless students have clearly demonstrated sufficient knowledge in the area, students entering the MPhil or PhD Program are required to take the following two mathematics-oriented courses in the first regular term of study. The credits earned from these two courses cannot be counted toward the degree requirements.
- Course Requirement
MPhil:
At least 40 credits in the sequence suggested below. Students may need to take additional courses related to their research topics, as requested by their thesis supervisors.
Year 1 – Fall Term
Year 1 – Spring Term
Year 2 – Fall Term
Year 2 – Spring Term
or A PhD level course as approved by the MPhil/PhD Programs Coordinator
PhD:
At least 46 credits including the following. Students may be required to take additional courses related to their research topics, as requested by their thesis supervisors.
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Required Courses
or A PhD level course as approved by the MPhil/PhD Programs Coordinator
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General Management Courses
Any one of the following:
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Cross-discipline Research Courses
Any one of the following:
- Graduate Teaching Assistant Training
All full-time RPg students are required to complete PDEV 6800. The course is composed of a 10-hour training offered by the Center for Education Innovation (CEI), and session(s) of instructional delivery to be assigned by the respective departments. Upon satisfactory completion of the training conducted by CEI, MPhil students are required to give at least one 30-minute session of instructional delivery in front of a group of students for one term. PhD students are required to give at least one such session each in two different terms. The instructional delivery will be formally assessed.
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Professional Development Course Requirement
Students are required to complete PDEV 6770. The 1 credit earned from PDEV 6770 cannot be counted toward the credit requirements.
PhD students who are HKUST MPhil graduates and have completed PDEV 6770 or other professional development courses offered by the University before may be exempted from taking PDEV 6770, subject to prior approval of the School.
Students are required to complete SBMT 6780. The 1 credit earned from SBMT 6780 cannot be counted toward the credit requirements.
PhD students who are HKUST MPhil graduates and have completed SBMT 6780 or other professional development courses offered by the University before may be exempted from taking SBMT 6780, subject to prior approval of the School.
- English Language Requirement
Full-time RPg students are required to take an English Language Proficiency Assessment (ELPA) Speaking Test administered by the Center for Language Education before the start of their first term of study. Students whose ELPA Speaking Test score is below Level 4, or who failed to take the test in their first term of study, are required to take LANG 5000 until they pass the course by attaining at least Level 4 in the ELPA Speaking Test before graduation. The 1 credit earned from LANG 5000 cannot be counted toward the credit requirements.
- PhD Qualifying Examination
All PhD students must pass a qualifying examination which will be conducted at the end of Spring term or at the beginning of Summer term every year. HKUST MPhil students who have been admitted to the PhD study may be allowed to take the qualifying exam at the end of Spring or the beginning of Summer in their second year of study. Students who fail the qualifying examination in the first attempt can retake the examination once, subject to the approval of MPhil/PhD Program Coordinator. Students must pass the examination at a time as determined by the MPhil/PhD Program Coordinator.
- Research Paper Requirement
PhD students are required to submit a research paper in Year 2 Summer. Students admitted with an HKUST MPhil degree in Finance or equivalent will be exempted from this requirement.
- Thesis Research
MPhil:
- Registration in FINA 6990; and
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Presentation and oral defense of the MPhil thesis.
PhD:
- Registration in FINA 7990; and
- Presentation and oral defense of the PhD thesis.
Last update: 1 June 2023
To qualify for admission, applicants must meet all of the following requirements. Admission is selective and meeting these minimum requirements does not guarantee admission.
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Applicants seeking admission to a master's degree program should have obtained a bachelor’s degree from a recognized institution, or an approved equivalent qualification;
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Applicants seeking admission to a doctoral degree program should have obtained a bachelor’s degree with a proven record of outstanding performance from a recognized institution; or presented evidence of satisfactory work at the postgraduate level on a full-time basis for at least one year, or on a part-time basis for at least two years.
Applicants have to fulfill English Language requirements with one of the following proficiency attainments:
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TOEFL-iBT: 80 *
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TOEFL-pBT: 550
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TOEFL-Revised paper-delivered test: 60 (total scores for Reading, Listening and Writing sections)
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IELTS (Academic Module): Overall score: 6.5 and All sub-score: 5.5 *
* Refers to scores in one single attempt only. Test at home option is not accepted.
Applicants are not requried to present TOEFL or IELTS score if
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their first language is English, or
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they obtained the bachelor's degree (or equivalent) from an institution where the medium of instruction was English.
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A satisfactory score in GMAT or GRE
Apply online before the application deadlines.
HK$180
For Hong Kong PhD Fellowship (HKPFS) Application (for PhD studies only):
Step 1 deadline at RGC (to obtain an HKPFS reference no. from RGC):
1 Dec 2024 (12noon, GMT+8)
Step 2 deadline at HKUST:
1 Dec 2024 (11:59pm, GMT+8)
Details please refer to https://fytgs.hkust.edu.hk/hkpfs
For 2025/26 Fall Term Intake (commencing in Sep 2025):
Non-local Applicants*
Full-time: 1 Feb 2025
Local Applicants
Full-time: 1 Feb 2025
Part-time: 1 Feb 2025
MPhil program is only available via the Integrated MPhil-PhD program study scheme, and is not open for individual application. Applicants should apply for the PhD program in the Online Admission System.
* Applicants are considered as non-local students if they hold (i) student visa/ entry permit; or (ii) visa under the Immigration Arrangements for Non-local Graduates (IANG); or (iii) dependent visa/entry permit who were 18 years old or above when they were issued with such visa/ entry permit by the Director of Immigration. For details on student visa/ entry permit requirements, please click here.
